Below is a graphical illustration of Nearly Done Inc.'s marginal revenue product.The firm employs its labour in a perfectly competitive labour market.

-What is the term for the total number of people over fifteen who are willing and able to be employed?
A)The labour market.
B)The labour force.
C)The labour force supply.
D)The labour force population.

Question

Below is a graphical illustration of Nearly Done Inc.'s marginal revenue product.The firm employs its labour in a perfectly competitive labour market.
 
-What is the term for the total number of people over fifteen who are willing and able to be employed?
A)The labour market. 
B)The labour force. 
C)The labour force supply. 
D)The labour force population.

Quizplus · Accepted Answer

The term for the total number of people over fifteen who are willing and able to be employed is the labour force. Option A, labour market, refers to the market where employers and employees interact to determine wages and working conditions. Option C, labour force supply, is not a commonly used term. Option D, labour force population, is not a commonly used term and may be confused with population statistics more broadly.

Below Is a Graphical Illustration of Nearly Done Inc